Credit Card fraud where the card is not physically used but only the detail of the cardholder, is fast becoming a major concern as this type of financial crime has mushroomed, not only in Namibia, but world wide. This type of fraud, referred to as Card-Not-Present (CNP) fraud, occurs when a scammer uses stolen credit or debit card information to make purchases without physically presenting the card. The chair of one of the sub-committees of the Bankers Association of Namibia, Magreth Mengo, pointed out digital transactions are particularly vulnerable which include transactions over the internet, telephonic sales or email sales. “Understanding the complexities of Card-Not-Present fraud is crucial for protecting yourself. Awareness is the first line of defence against these scams,” she said, offering advice on protecting one’s personal financial information. “First, to safeguard yourself against CNP fraud, start by educating yourself on common fraud tactics. Namibian banks are actively running awareness campaigns to help consumers recognise these threats. By staying informed about tactics like phishing (email scams), vishing (voice scams), and smishing (SMS scams), you can better identify red flags and avoid becoming a victim. For example, be cautious of emails or messages asking for sensitive information, as these are often scams.” “Second, to protect your online presence further, ensure that you use strong, unique passwords for each of your accounts. This is crucial because using the same password across multiple sites can allow fraudsters to access all your accounts if just one is compromised. Additionally, activate two-factor authentication (2FA) to add another layer of security. 2FA requires a second form of verification, such as a code sent to your phone via SMS. This dual verification process significantly enhances your security by making it much harder for unauthorised users to access your accounts.” “Third, regularly scrutinise your bank and credit card statements for any suspicious transactions. If you spot anything unusual, act promptly by reporting it to your bank immediately. This swift action is crucial because it helps mitigate potential losses and prevents further fraudulent activity.” “Fourth, to safeguard your online shopping experience, always verify the legitimacy of websites before making purchases. Ensure the URL starts with HTTPS and look for a padlock icon in the address bar, as these indicate a secure connection. This can help you avoid falling victim to phishing scams and fraudulent websites.” Finally, to enhance your online security even more, consider using virtual card numbers for your transactions. Many banks and financial services offer this feature, which generates a unique, temporary card number for each purchase. This approach significantly reduces the risk of your actual card information being compromised in the event of a data breach. Virtual cards can be used for online shopping, in-app purchases, streaming services, and other digital transactions, providing an additional layer of security by keeping your real card details hidden from merchants. By adopting these strategies, consumers can significantly reduce their risk of falling victim to CNP fraud and protect their financial information more effectively. Vigilance and awareness are essential in safeguarding against these scams. Taking proactive measures today can prevent financial loss and stress in the future. “At the Bankers Association of Namibia, we believe that empowering consumers with the right knowledge is crucial in the fight against fraud. We encourage individuals to stay informed and take proactive steps to secure their financial well-being. By doing so, consumers can ensure a safer financial future and avoid the unfortunate consequences of fraud,” concluded Mengo.